Motilal Oswal Bets Big on Midwest Ltd: 55% Upside Predicted for Granite Leader

• Motilal Oswal initiates 'Buy' on Midwest Ltd., setting a target price of ₹2,000, with a bull case of ₹2,500 (54% upside).
• Midwest is India's largest producer and exporter of Black Galaxy Granite, holding over 60% export market share.
• Company shows strong growth with 21%+ revenue CAGR over 5 years and plans for Quartz and HMS expansion.
• Expansion aims to diversify earnings, reducing granite dependence from 96-98% to 50% by FY28.
• Projected revenue CAGR of 36%, EBITDA CAGR 47%, and PAT CAGR 56% (FY25-28), with low debt and strong cash flow.

Why It Matters: Motilal Oswal recommends 'Buy' on Midwest Ltd., citing strong growth, market leadership, and diversification.